USD 47 bln-worth investments in energy sector in five years – Egypt’s Min.
CAIRO: Egyptian Petroleum and Mineral Resources Minister Sherif Ismail has estimated the total investments to be pumped in his country’s engery sector in the next five years at USD 47 billion.
Ismail made the remarks during the inauguration of phase (9-A) of the mega project of developing the deep water oil fields of West Delta in the Mediterranean Sea, a press statement by the cabinet said. The ceremony was attended by Prime Minister Ibrahim Mahlab.
The USD 6.1 billion project will produce 400 million cubic feet of natural gas and 2,500 barrels of condensates per day, the Minister said.
He unveiled that the Ministry of Petroleum has signed 56 agreements between November 2013 and March 2015 for exploring for oil and gas with total investments of USD 12.1 billion.
He added that 13 natural gas exploration projects were executed in 2014 with total investments of USD 3.5 billion, with a production rate of 1.3 billion cubic feet of natural gas and 12,800 barrels per day of condensates.
There are more natural gas fields development projects, some currently implemented and others still in the planning phase, with investments of USD 20.8 billion to produce 3.2 billion cubic feet of natural gas and 79,700 barrels of condensates per day, Ismail said.
He noted that a new floating regasification unit arrived to Ain Sokhna port in April to handle the imported liquefied natural gas.
The Ministry is implementing a number of projects to upgrade refineries to meet local market needs of petroleum products with investments estimated at USD six billion in addition to planned similar projects with total investments of USD three billion.
He pointed out that several new projects with investmetns of EGP 3.1 billion (USD 406 million) are being executed for the development of infrastructure to facilitate receiving and handling of petroleum products. There are planned projects with investments of EGP 2.7 billion (USD 353 million) in the same sector, he said.
Regarding the petrochemical projects, the minister estimated the investments of the ongoing projects at USD 3.8 billion and of the planned ones at USD 5.6 billion.
He underlined that the government is keen on paying foreign partners their dues to motivate them to pump more investments to boost oil and gas exploration and production activities.